Longtime CEO of Acorn Group real estate firm dies
Albert M. Donato Jr., 70, founded the Indianapolis commercial real estate and property management firm in 1988 and most recently served as CEO and board chairman.
Commercial Real Estate
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Castleton Square will get new stores catering to youth
Forever 21 is more than tripling its square footage at the north-side mall by taking the former Borders bookstore space.
City gives OK for $60M apartment building on canal
Investment Property Advisors agreed to reduce the size of the apartment building from 26 stories to 10 stories and from 485 units to 319 units to help gain support from the city.
Earth Fare grocery replacing Borders at Hamilton Town Center
An upscale supermarket chain focused on natural and organic products is taking the former Borders bookstore space at Hamilton Town Center. The store will be the first in Indiana for the privately held chain.
Real estate exec’s bankruptcy filing lists $13.3M of debt
Philo Lange, former managing partner of NAI Olympia Partners, lists nearly $12 million in unsecured claims, almost half of which is owed to PNC Bank, according to court documents.
Manufacturer plans distribution center in Plainfield
Wisconsin-based Regal Beloit Corp. has hired Browning/Duke Realty to build a 376,000-square-foot distribution center in Plainfield, the company announced Tuesday.
Suburban office market turns in strong first quarter
Net absorption was the highest in five years, chipping away at what has been a chronically high vacancy rate.
City approves design of $45M downtown project
Plans call for the vacant, two-story former Bank One Operations Center at the northwest corner of Washington and East streets to be converted into a five-story apartment building with office or retail space on the first floor.
First-quarter commercial real estate stats for Indianapolis
IBJ's Commercial Real Estate Focus sections include statistical snapshots of Indianapolis' multi-tenant office vacancy rates and the local industrial market.
Plan envisions hot growth for downtown Indianapolis
A study commissioned by the office of Mayor Greg Ballard envisions a much more densely populated, walkable downtown core stretched by several blocks and supported by another Circle Centre mall's worth of retail and enough new office space to double the size of Chase Tower.
SMC plans $19M Noblesville expansion, 163 jobs
SMC Corp. of America plans to spend $19 million to expand its North American headquarters in Noblesville, making room for an additional 163 employees by 2017, the company announced Tuesday.
Simon CEO lands $137 million in compensation
David Simon must remain CEO of Indianapolis-based Simon Property Group for at least six years to see any of the $120 million in special stock awards the company’s board of directors awarded him last year, and must stay on eight years to reap the full amount.
Effort to save Rivoli Theatre faces another delay
The theater, at 3155 E. 10th St., has the potential to be a catalyst for further redevelopment of the corridor if the not-for-profit that owns it can win complete control of the 1927 structure and stabilize it.
Plans for Broad Ripple parking garage hit snag
City officials are recommending that construction of the $15 million parking garage and retail project be denied because the property sits 4 feet below a flood plain.
Developer envisions $20M farming operation to replace plant
A local entrepreneur is laying the groundwork for a $20 million transformation of a soon-to-close automotive plant into a sustainable farming operation that would raise fish and hydroponic vegetables.
Cook Group to restore southern Indiana movie theater
Bloomington-based medical device maker Cook Group announced Tuesday it would restore the 750-seat Tivoli Theatre in downtown Spencer, which was built in 1928 and boarded up in 1999.
Health care real estate owner takes over management of 29 buildings
Healthcare Trust of America now handles property management and leasing for 29 buildings formerly managed by Hokanson Cos.
Developer, contractors brawling over FBI construction project
The developer and contractors who built the FBI’s new $39 million Indianapolis field office, just north of Castleton Square Mall, are squabbling in court a year after wrapping up work on the project.
Lafayette Square amusement center closes
America’s Incredible Pizza Co. shut down on Sunday, leaving a 75,000-square-foot vacancy in the struggling shopping center on Indianapolis’ west side.
New hardware store tries to carve out niche near downtown
In a city and industry dominated by big-box home-improvement chains, North Meridian Hardware owner Keith Payne hopes his independent store can build a loyal following among downtown’s denizens.